Northwestern Mutual has completed its purchase of downtown Milwaukee’s former University Club, with the property selling for $4.25 million.

That’s according to a new deed posted online by the Wisconsin Department of Revenue. It listed a company affiliate, Wells Street LLC, as the buyer, with city records showing the property’s assessed value as $2.88 million.

Northwestern Mutual plans to redevelop the six-story, 58,125-square-foot  building, 924 E. Wells St.

It could house event space, a restaurant, guest rooms and other uses under a zoning change approved in May by the Common Council and Mayor Cavalier Johnson. The company so far hasn’t provided additional details on the building’s future use.

Northwestern Mutual will first focus on issues tied to the building’s deferred maintenance.

That work will take up to a year to complete. It includes roof replacement, façade repairs, and work on such building systems as electrical, plumbing and elevators.

University Club in December closed its downtown operations due to declining membership, maintenance issues and growing restaurant competition.

The club continues to operate its golf course, tennis courts and swimming pool at 7401 N. 43rd St., Brown Deer.

The club’s downtown property is just northeast of where Northwestern Mutual is redeveloping an 18-story office building, 818 E. Mason St., to help house around 2,000 employees relocating from the company’s Franklin operations. That project is to be completed in early 2027.

Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, X and Facebook.

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